I fully concur - the licenses in Asian countries are nothing...

I fully concur - the licenses in Asian countries are nothing more than a distraction. My guess is that the Asian expansion was pretty much the story they needed for the IPO and now for the next cap raise.

The Acorns (in the US at least) model is getting users in easy and cheap and then expanding the value of these customers - increasing FUM and adding other products such are mortgages etc. Management hasn't been able to do this in OZ so how on earth will they do it in Indonesia where the youth has little purchasing power.

Adding shopping/rewards is very much against the company's purpose and a key reason that it is hard to take the app as a serious financial product. I cancelled my account when I realised that the portfolios are nothing more than a static model portfolio and the constant stream of emails telling me to get my $2 by shopping at Nike!

The IPO was the payday for management. I think the writing is on the wall in any company when a third of the IPO proceeds go towards a payday for the management!